Secretive augmented reality startup Magic Leap is now loaded with enough money to bring it well beyond its first product, its cofounder and CEO Rony Abovitz said in an interview.

The Dania Beach, Florida-based startup, which is building some sort of head-worn device that mixes computer visuals with everyday life, has raised another $793.5 million at a $4.5 billion valuation. The Series C venture round was led by Chinese e-commerce giant
Alibaba Group.Other new investors include Warner Brothers and large financial institutions Fidelity Management, J.P. Morgan and Morgan Stanley. Alibaba executive vice chairman Joe Tsai is joining Magic Leap's board, which already already has Google CEO Sundar Pichai, Qualcomm executive chairman Paul Jacobs and others.

In December, FORBES reported on fundraising documents that showed that the company had registered to raise as much as $827 million in funding at a $3.7 billion valuation.

Magic Leap also raised a massive Series B round of $542 million in 2014. That round was led by
Google and included participation from Qualcomm Ventures, KKR, Vulcan Capital, Kleiner Perkins Caufield & Byers, Andreessen Horowitz, Obvious Ventures, and more. Magic Leap now has $1.4 billion in funding.

"We still have a lot of our B round that was slated to get us to product development," Abovitz said in a phone call this morning. "This round accelerates the scale to not only bring the first product to market, but will help with the long-term sustainability of the company. It brings the flexibility that startups normally don't have."

The company hasn't released much information about the details of its device, but said it's using digital lightfields that will shoot computer-generated images into the user's eyes. Other companies are working on augmented reality projects like Microsoft's HoloLens, but are using stereoscopic techniques – showing an object with two slightly different angles in each eye — to create the illusion of three dimensions.

People outside the company who have tried it on say that the experience is impressive, but note that the contraption is rather large and unwieldy -- far away from a consumer device that anyone could strap onto their head.

"We're deep into product development," Abovitz said. "We're using the proceeds to accelerate manufacturing and hiring for our content ecosystem. We're setting up pilot manufacturing and we're not going to be doing a pilot in the public eye."

Abovitz said Magic Leap is currently in discussion with a number of the world's largest contract manufacturers for building its device. He said that the production lines the company is building in Florida will be moved over to these contract manufacturers.

"I always tell my team that this is way less complicated than launching a rocket but it's not too far behind," Abovitz said. "We're integrating a large number of components and subsystems that we designed from scratch. It's just about making all these things come together elegantly in a way that feels fluid and natural for a person."

"We're creating a new computing platform,"Abovitz continued. "It's quite different than using a phone or tablet as a virtual reality device. It's a different mindset of shifting to new kinds of computing that are well suited for how people lives their lives. It's about blending technology to you. That's the biggest challenge."

Abovitz said Alibaba joined as a strategic investor and will help bring Magic Leap technology to the Chinese market. "Alibaba's investment is really about easing our path into China," he said. "They really understand that market and what are the right ways of adapting our device. It's not just about taking a device that's we used in the US. We need to figure out how to make it for China."

The two companies had been in discussion soon after Magic Leap raised its Series B in late 2014. "We took our time getting to know each other," Abovitz said. "Nothing was rushed. We weren't in desperate need to raise more capital."

“We invest in forward-thinking, innovative companies like Magic Leap that are developing leading products and technologies,” Tsai said in a statement. “We believe Alibaba can both provide support to and learn from such a partner, and we look forward to working with the Magic Leap team.”

Despite all the hype around the company since the big Series B round in 2014, Magic Leap has been around since 2011. Abovit had previously founded Mako Surgical, a medical device company that makes robotics arms for assisting in surgery. Medical equipment company Stryker acquired Mako for $1.65 billion in 2013.

Abovitz still isn't offering a clear timeline for when a product will be ready for consumers, but said the goal was to launch a fully formed product to the public, not a beta product.

"It's not years away," he said. "We're entering the pilot production cycle. We need to make sure the hardware and software is seamless enough to give people a version of magic we want people to have. When we're there, we'll ship."

Below a video demonstration of what Magic Leap is supposed to look like. The description says it's "shot directly through Magic Leap technology."

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